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How about door #3~ Save to the extent that you can, invest in a basket of index funds extending over 40 years or so, never spend what you cannot afford, pay off CC balances monthly, create a long term plan and work it, stay on your plan no matter what, retie early and enjoy spending what you have saved.

__________________Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

Yes, things can happen. One can become seriously sick or injured for example.

But one SIL (aka "Spendarina" in our house) is under the impression that she and hubby can live on hubby's National Guard pension. This the pair that is in their 50s and still living paycheck to paycheck, recently took out a cc consolidation loan, then went on a week-long trip. This is the one who said when she lost her job a month ago "Well, (BIL) will just have to work more overtime". Lord forbid the princess should reduce her spending.

This is also the one who is getting vaguely resentful/jealous because some of her friends are retired, she's nowhere close and she knows it. And the sad thing is, she has no idea why.

So in 10 years or so when they're living on rice & beans because that's what a NG pension and SS will buy I will have no sympathy for her.

How do you know that? Have you calculated his NG pension and both their SS benefits?

Using conservative estimates of his Guard rank at retirement, and assuming both she and he have significant years of SS contributions, I would say the total would be after taxes, around $3K per month, and maybe closer to $4K.

Maybe that amount is beans and rice by your standards, but there's many folks happily retired on that much. And they're not eating beans and rice. Unless they want to.

But one SIL (aka "Spendarina" in our house) is under the impression that she and hubby can live on hubby's National Guard pension. This the pair that is in their 50s and still living paycheck to paycheck, recently took out a cc consolidation loan, then went on a week-long trip. This is the one who said when she lost her job a month ago "Well, (BIL) will just have to work more overtime". Lord forbid the princess should reduce her spending.

This is also the one who is getting vaguely resentful/jealous because some of her friends are retired, she's nowhere close and she knows it. And the sad thing is, she has no idea why.

So in 10 years or so when they're living on rice & beans because that's what a NG pension and SS will buy I will have no sympathy for her.

Sounds a lot like my SIL. She doesn't work, because she doesn't think she should. Her husband makes decent money for the area (about as much as my wife), but not enough to retire comfortably . She is constantly asking mom and dad for money. Of course dad always gives her money. Mom is tired of it, and has stopped giving her free money. The SIL was told, by mom that if she wanted money, get a job. She has had several, but as soon as her boss tells her she must do something she doesn't want to do she quits. Her husband is working like a dog and complains the whole time that they can never get ahead. The worst part is their only debt is a mortgage that started at 45k. According to their bills they should have a boat load of cash stashed, but they literally have nothing on hand and no retirement. I haven't said it yet, but his complaining is getting old and it isn't too much longer before I tell him to put his wife to work and keep her there.

Their relationship works for them, but the division of labor is not fair. He works his butt off and she sits on hers. She lives like she has a sugar daddy and he is struggling to make as much money as possible to support her habits. A few recent dinners I've had with him seems to indicate that he is getting tired of working so hard, while she plays all day. I hope the best for them, but you can see the tension building.

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You don't want to work. You want to live like a king, but the big bad world don't owe you a thing. Get over it--The Eagles

Hang on. He has an economics degree from Columbia and was valedictorian at Yale Law School. He's got plenty of credentials to tackle economic and personal-finance issues.

If you say so. Those undergraduate degrees, earned many years ago, are certainly nothing to be ashamed of, and he is as qualified as the next fellow to offer an opinion.

But assuming not backed up by relevant experience, they are not particularly impressive credentials for an expert in contemporary economic issues.

Quote:

Originally Posted by lets-retire

Her husband is working like a dog and complains the whole time that they can never get ahead.... I haven't said it yet, but his complaining is getting old and it isn't too much longer before I tell him to put his wife to work and keep her there.

My free advice (worth what you paid for it): keep your lip buttoned and refrain from suggesting that he should send her out to work. Almost certainly he already knows this, but for whatever reason he has chosen not to act on it.

He is unlikely to change his behaviour after all this time, and you will get no thanks for pointing out the obvious. He will just feel guilty and resent your implict criticism, however well meant.

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__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)

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